Cardano price surged like a giant in the early trading hours by gaining a nearly 22% jump. Also, the trading volume spiked nearly 160% and still counting to mark the resumption of the bull rally. In the most recent update, the founder of IOHK, Charles Hoskinson released a video with a brief update on the Alonzo Hard Fork or Cardano Smart Contracts release date.
The founder in the video said that the date of the launch will be let out on 13 August 2021, coming Friday. This could be one of the reasons for the ADA price to break the resistance and propel high. He also said the platform which is being built would work along with the developers to get a relatively clear picture of the value of risk and the consequence of the failure of an application.
Currently, the ADA price appears to be poised to surge towards its ATH. As the consecutive huge candles indicate a massive surge awaiting ahead. The price already broke the ascending parallel channel on the previous trading day. And the bullish momentum kept the uptrend in place.
The Cardano price had experienced a fakeout previously, yet the current breakout appears to be a significant one. The pivotal levels reside around $1.87 and just another push could assist the price to reach those levels. However, the bulls currently are trying hard to uplift the ADA price to surpass the $2 mark at the earliest. The much-awaited smart contracts on the Cardano could result in a remarkable rally to clinch the target set at $5.